A major bank warns of a looming employment shock.

The increase in job applicants per job ad follows a significant decline in the number of job ads, combined with a strong labor supply due to historically high net overseas migration.

Nicole Gorton, Director at recruiter Robert Half, told the ABC that large numbers of international students, migrants, and returning ex-pats are entering an already well-supplied labor market. Consequently, Robert Half is now receiving hundreds of applications for each individual job opening.

“We can shortlist from 200 down to three,” she said.

“Our job really is to do that short-listing on behalf of an organization… and many of those applicants are not appropriate.”

The surge in job applicants comes as the proportion of employers who are currently recruiting or who had recruited in the past month fell sharply in June, reaching its weakest level since 2021.